07-12 - Simplifying the Taxation of Trusts
The last issue of the Tax Planning E-Letter examined trusts and the asset protection benefits provided to trust makers and their beneficiaries through the utilization of ongoing trusts. This issue of the Tax Planning E-Letter addresses related questions ...
Posted on 05 Dec 2007 by Admin
07-11 - Understanding the Significance of Trusts
This issue of the Tax Planning e-Letter addresses a topic that is important to clients and all wealth planning professionals - trusts. When used properly, trusts can provide significant advantages to clients and to the advisors who recommend them. Given the numerous types of trusts, this newsletter explores ...
Posted on 05 Dec 2007 by Admin
07-10 - Tuition Expense Allowed as a Tax Deduction for Special Needs Child
In a recent private letter ruling, the Internal Revenue Service (IRS) allowed the parents of a special needs child to deduct the costs of attending a specialized school as a medical expense deduction on the parent’s income tax return. This can provide a significant benefit ...
Posted on 05 Dec 2007 by Admin
07-09 - Coping with Expanding Kiddie Tax
Many families utilize Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) accounts to save for their children’s college education. Such accounts are deemed to be owned by the child for whom they are established, with the parent acting as “custodian” for the child’s funds until the child reaches age 18 or 21. ...
Posted on 05 Dec 2007 by Admin
07-08 - Never Underestimate the Importance of a Health Care Proxy and a Power of Attorney
Today, most people have heard about health care proxies and powers of attorney. The two documents, referred to together as “advance directives”, help avoid costly time consuming and emotionally ...
Posted on 05 Dec 2007 by Admin
07-07 - IRS Releasaes Proposed Regulations to Achieve Nationwide Uniformity in Deducting Claims against the Estate
The Internal Revenue Service recently released proposed regulations regarding which claims will be allowed as deductions and how those claims will be valued for estate tax purposes. This article explores that issue. ...
Posted on 05 Dec 2007 by Admin
07-04 - When Are Legal Fees Deductible?
Anyone who pays legal fees would like to be able to deduct them for income tax purposes. Unfortunately that is not often the case. Section 262(a) of the Internal Revenue Code section provides, “Except as otherwise provided in this chapter ...
Posted on 05 Dec 2007 by Admin
07-03 - Time of a Business Checkup
While gathering and reviewing your financial information for tax time, it is also a good time to review your business plan to make sure your legal and planning documents are in order. For example, now is a good time to update your corporate minutes and ...
Posted on 05 Dec 2007 by Admin
07-02 - Using a CRUT to Transition a C Corporation to the Next Generation, While Providing Retirement Income
How many of you have clients who own a C Corporation and have children whom they want to transition the business to? How many of these clients are concern about the “double taxation” that will occur when they transition the C Corporation to their children? How would these clients like to get the business ...
Posted on 05 Dec 2007 by Admin
07-01 - Prediction: Tax Laws Will Change in 2007
Congress has been prolific in tinkering with the Internal Revenue Code, especially in recent years. In 2006 alone, we had the Tax Increase Prevention and Reconciliation Act (“TIPRA”), the Pension Protection Act, ...
Posted on 05 Dec 2007 by Admin
.gif)